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Savers has an issue of preferred stock with a $ 5 . 9 5 stated dividend that just sold for $ 9 6 per share.

Savers has an issue of preferred stock with a $5.95 stated dividend that just sold for $96 per share. What is the bank's cost of preferred stock? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.)
Cost of preferred stock
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